Gold Giant JPMorgan May Move Into Precious Metals Clearing in Zurich
- Zurich clearing has long been dominated by two Swiss banks
- The American lender is the world’s dominant bullion bank
The JPMorgan Chase & Co. offices in Bournemouth, UK.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
JPMorgan Chase & Co. is looking to start clearing precious metals trades in Zurich, something that for years has been dominated by just two Swiss banks.
The lender may begin to offer to settle its clients’ trades using metal located in Zurich, according to people familiar with the matter who asked not to be identified as the information is private. So-called loco Zurich transactions have long been almost exclusively handled by UBS Group AG and Credit Suisse Group AG.